Trade in sugar was transferred to a blockchain

In the middle of February, 2020 Al Khaleej Sugar announced transfer of processes of trade in sugar on a blockchain platform. For this purpose the company decided to use Universa technology and already signed the agreement with the DMCC Tradeflow platform from the free trade zone of Dubai.

The blockchain platform will allow traders to buy, store and sell sugar through Al Khaleej Sugar company, using smart contracts. The new solution will be integrated with the existing DMCC Tradeflow platform which works as the central register of goods in the UAE.

Al Khaleej Sugar announced transfer of processes of trade in sugar on a blockchain platform

We - the world's largest autonomous sugar plant capable to store more than 1.6 million tons of sugar. Undoubtedly, we are glad to an opportunity to unroll the platform for trade in sugar on such reliable and settled basis as DMCC Tradeflow, - the managing director of Al Khaleej Sugar Jamal Al Ghurair explained.

Thanks to centralization of process of assignment of rights of property of DMCC Tradeflow maintains transparency of transactions and excludes a possibility of fraud. Besides, he raises additional resources for development as he can give goods to banks as providing.

The Universa platform also managed to acquire a certain status in a blockchain community. In 2019 the company made the report at the conference organized by the Central bank of Tunisia and worked on creation of the uDinar cryptocurrency supported by local currency deposits and which is not connected with the central bank.

Al Khaleej Sugar also holds the Dubai conference of producers of sugar where it voiced the idea international a blockchain initiative for trade in sugar. The world's largest agrobusiness traders already joined Al Khaleej Sugar for development of a new digital solution.^[1]

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